Penalties Increase Again for 1099 and ACA Reporting

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Sovos Compliance

About this talk

The IRS has raised penalty amounts once again. As stated in IRS announcement 16-11, these penalty increases include late and in-accurate filing, corrections, and maximum penalty cap for all tax information, 10-series, and ACA form reporting requirements. These increases apply for taxable years beginning in 2015! This 30 minute complimentary webinar covers the following: ★ Background on increases in 2015, regarding the Trade Preferences Extension Act of 2015. This legislation doubled the annual maximum penalty cap, and more than doubles the penalty per record for failure to file properly. ★ The latest penalty increases resulting from IRS 2016-11 increased the maximum penalty cap for corrections and failure to file as well as increased penalties per record for failure to file. ★ With penalty increases being announced twice within the last 12 months, what does this mean for my organization? How should I use this information during an internal tax season review? Please join us for this complimentary live webinar presented by Sovos Compliance. For additional information on the penalty increases from IRS announcement 16-11, visit our recently published blog announcing the changes. Sovos Compliance is the largest US filer of 10-series forms serving more than 4,500 clients across all industries including nearly half of the Fortune 500. With over 310 million 10-series forms processes last tax season, and nearly 30 years of experience dedicated specifically to tax information reporting processes, Sovos strongly believes in providing complimentary education webinars to support the greater community.

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